Zuari Industries FY11 net up 6% at Rs 167 cr

Fertiliser manufacturer Zuari Industries today said its standalone net profit for 2010-11 rose by 6.32% to Rs 166.88 crore on back of better price realisations.

The company's net profit in the corresponding period of the previous year stood at Rs 156.96 crore, it said in a filing to the Bombay Stock Exchange (BSE).

The total standalone net income of the company in the last fiscal rose by almost 29% to Rs 5,561.98 crore as compared to Rs 4,323.73 crore in the year-ago period due to increase in income from operations on account of higher volumes and better price realisations.

The board at a meeting held today recommended a dividend of Rs 4.50 per share, the filing added.

The company in a separate filing to the BSE informed, that its board decided to withdraw the scheme of amalgamation of Gobind Sugar Mills (GSM) with the company, which was pending for sanction before the Bombay High Court's Goa bench.

"The withdrawal was in view of change in the business/economic environment in relation to the company's operating resulting from deregulation of the fertiliser sector and to focus on its core business," the filing to BSE said.

The company has also appointed Suresh Krishnan as Managing Director with effect from 1 February, 2011, subject to approval of the shareholders at the next annual general meeting, it said in another filing to the BSE.

Zuari Industries is an agri-input company belonging to the KK Birla Group of Companies and is involved in the manufacturing of complex fertilisers.

Shares of the company today closed at Rs 611.55, down by 1.52% from its previous close on the BSE.